On October 7, the Financial Conduct Authority (FCA) published a “Brexit Special” of its monthly Market Watch newsletter, in which it summarized some recent developments and publications in connection with the regulated sector’s preparedness for the forthcoming departure of the UK from the EU on November 1.

Continue Reading FCA Publishes “Brexit Special” Market Watch

On May 7, the European Securities and Markets Authority (ESMA) announced a new portal for investors seeking information on whether a financial services provider is authorized within the European Union. The portal includes registers of the following:

  1. Markets in Financial Instruments Directive (MiFID) investment firms, including systematic internalizers;
  2. MiFID trading venues;
  3. MiFID data reporting service

On April 4, the European Securities and Markets Authority (ESMA) added 10 new questions and answers (Q&A) to its Q&A document on the implementation of investor protection topics under the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR).

The Q&A provides clarification on the following topics:

  • best execution;

On May 16, the UK Prudential Regulation Authority published the minutes (Minutes) of a Foreign Exchange Joint Standing Committee meeting held on April 22.

Notably, the Minutes summarize a presentation given by the Financial Conduct Authority (FCA) as to the application of best execution obligations under the Markets in Financial Instruments Directive (MiFID) to foreign exchange (FX) derivatives and FX spot transactions. The FCA noted that FX derivatives, and FX spot transactions that are ancillary to transactions with financial instruments, are already covered by MiFID best execution obligations. However the FCA also confirmed that for all other FX spot transactions outside the scope of MiFID, the obligations owed vary according to the trading relationship between market participants and clients.
Continue Reading PRA Publishes Meeting Minutes With Notes on the Application of Best Execution to FX Derivatives and FX Spot Transactions